Not Banking On It?

Regulations will have to be introduced, making it harder for carbon intensive companies to use oil and gas, to counter the climate crisis. Banking and insurance companies are very major funders of fossil fuel exploration and extraction. They have made enormous profits from such investments. It's been argued, however, that the UK's banking and insurance companies must prepare for the value of their investments in fossil fuels to collapse. If they fail reduce their liabilities, the UK could face 500,000 job losses and have to spend circa £674bn, to rescue its banks. This would be worse than the last financial crisis of 2008 (https://www.theguardian.com/business/2023/jan/12/climate-regulations-could-trigger-banking-crisis-worse-than-2008). There is, however, a strong possibility, that concerns about the impact on banking, will result in politicians, delaying the necessary introduction of regulations to curb the use of fossil fuels. That really would be a disasterous scenario.